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I am NRA,has no connection to USA sourced income.I gifted USD 500k to son, studying in USA.He transfer to real estate developer,for EB5 visa.Is he liable to pay gift tax
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I am NRA,has no connection to USA sourced income.I gifted USD 500k to son, studying in USA.He transfer to real estate developer,for EB5 visa.Is he liable to pay gift tax
If you gifted $500k to your son, he is not liable for gift tax, but he has to file form 3520 with the IRS if he is a U.S. person ( citizen or resident of the United States).
Please read this IRS document:
https://www.irs.gov/businesses/gifts-from-foreign-person
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